Being frugal doesn’t mean completely giving up that expensive triple chocolate cake with Godiva garnishes and whipped cream from the fancy French bakery down the street. It just means not buying the fancy treat three times a week. Saving money always has a stuffy, boo-no-fun vibe associated with it, when in reality saving money is simple and definitely doesn’t mean you have to give up all of the things you love. So, expensive chocolate cake lovers. rejoice! Here are three simple tricks to living well while spending less.
1. Trim Down, Don’t Cut Out
Like I said with the chocolate cake, there’s no reason you can indulge once every two weeks. Yes, cutting the chocolate cake out of your life entirely would save more money than indulging every two weeks, but the idea here is to still enjoy the money you work hard for without overdoing it.
If you buy coffee from Starbucks everyday, maybe switch to a to-go cup and make your own coffee at home. But maybe you could still go to Starbucks occasionally with a friend as a nice treat for when you’re socializing or out and about.
Even only buying Starbucks when you’re with a friend instead of everyday will help cut down your Starbucks budget tremendously, but it won’t require you to cut Starbucks out of your life entirely.
2. Avoid Overspending On A Home Or Apartment Just Because You Can
According to TIME, your house payment or rent should be about 28 percent of your gross monthly income. But, just because you might be able to afford that doesn’t mean you should automatically spend that amount.
Depending on how much money you make, spending 23 percent of your monthly income might buy you a place that’s just as big or nice while saving you hundreds of thousands of dollars in the next 20 to 30 years. Live large without maxing out your housing budget.
3. Only Spend Large Amounts Of Money With A Long-Term Purpose
When you’re purchasing expensive items, make sure that they’re items that you will derive a great amount of satisfaction or use from long term. For example, if you’re a big reader, the odds of you deriving satisfaction from a Kindle are pretty high, so buying the newest and nicest Kindle makes sense.
But, if you’re only kind of into fitness, buying an expensive fitness wristband that measures your sleep patterns, foot steps, etc. might not provide you with as much satisfaction. Rather than give up all expensive purchases in a months-long attempt at saving, just be sure that you’re big-time purchases will provide you with big-time happiness.